An apparatus for measuring the relative stability of two signals is disclosed comprising a means for mixing the two signals down to a beat note sine wave and for producing a beat note square wave whose upcrossings are the same as the sine wave. A source of reference frequency is supplied to a clock divider and interval counter to synchronize them and to generate a picket fence for providing a time reference grid of period shorter than the beat period. An interval counter is employed to make a preliminary measurement between successive upcrossings of the beat note square wave for providing an approximate time interval therebetween as a reference. The beat note square wave and the picket fence are then provided to the interval counter to provide an output consisting of the time difference between the upcrossing of each beat note square wave cycle and the next picket fence pulse such that the counter is ready for each upcrossing and dead time is avoided. A computer containing an algorithm for calculating the exact times of the beat note upcrossings then computes the upcrossing times.